NEW YORK (CNNMoney.com) -- Oil prices surged above $75 a barrel Wednesday for the first time this year as the U.S. dollar remained weak and investors bet that global energy demand is poised to recover.

Crude for November delivery rose $1.03, or 1.39%, and settled at $75.18 a barrel, after climbing to a high of $75.40 a barrel earlier in the session. The last time oil prices ended trading above $75 was exactly one year ago when they settled at $78.63.

Wednesday was the first time oil rose above $75 a barrel in 2009 and comes after prices traded between $65 and $75 a barrel since May.

"The markets continue to get positive indications about the economy," said John Kilduff, an energy analyst at MF Global in New York. "We've broken out of the $65-$75 range and we're clearly headed for $80 a barrel."